電子氣體在電子產品製程工藝中廣泛應用於離子注入、刻蝕、氣相沉積、摻雜等工藝,被稱為集成電路、液晶面板、LED 及光伏等材料的“糧食”和“源”。電子半導體器件的性能優劣與電子氣體的質量息息相關。
市場規模和結構:根據techcet,2020年全球電子氣體市場規模約為58.5億美元,其中電子特氣的市場規模為41.9億美元,佔比71.6%。以海外龍頭林德集團(含普萊克斯)、空氣化工、液化空氣和日本酸素為首的氣體公司佔有全球90%以上的電子特種氣體市場份額。因半導體產業對氣體質量、供應的特殊要求,中國半導體企業生產工藝中所使用的電子氣體亦被海外龍頭所壟斷。隨着未來疫情的緩解、能源革命與計算革命帶動的半導體行業景氣持續,預計2025年全球電子氣體市場規模將超過80億美元,年複合增速預計達到6.5%。
行業壁壘和國內電子特氣現狀:電子特氣對氣源和供應系統有着苛刻的要求,屬於典型的技術密集型行業。技術工藝、設備資質、客户認證、市場服務共同構成了電子特氣的四大行業壁壘。其中,氣體純化和氣體精度是氣體製造的兩大技術壁壘。目前IC用特氣,中國僅能生產約 20%的品種,主要集中在IC的清洗、蝕刻、光刻等工藝環節,對摻雜、沉積等工藝的特種氣體僅有少部分品種取得突破。
中國電子特氣行業趨勢:縱觀工業氣體百餘年曆史,氣體純度提升、品類增多、氣體公司兼併收購貫穿其中。我們認為,國產特氣未來的五大趨勢分別為品類擴充、高端突破、專業分工明確、尾氣回收擴大、氣體企業整合提速。對於當前半導體上游供應鏈,國產替代已成為業界共識,當前電子氣體國產化率不足15%,基於自主可控的供應鏈安全,隨着下游Fab廠的加速認證,我們認為未來國產化率將顯著提高。
電子特氣投資機會來自電子氣體產業鏈的國產替代,建議關注相關產業鏈標的:
電子氣體供應商標的:華特氣體(688268.SH)、金宏氣體(688106.SH)、雅克科技(002409.SZ)、凱美特氣(002549.SZ)、昊華科技(600378.SZ)、南大光電(300346.SZ)、派瑞特氣、杭氧股份(002430.SZ)、和遠氣體(002971.SZ)、正帆科技(688596.SH)、巨化股份(600160.SH)、綠菱公司等
電子氣體設備供應商標的:華特氣體、杭氧股份、中船重工718所、正帆科技等
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本文選編自“方正證券”,智通財經編輯:熊虓。